Electricity retailers must meet their liability obligations to surrender certificates under the Renewable Energy Target for the scheme to function effectively.
The intent of the scheme is to increase the additional generation of electricity from renewable sources in Australia.
We view the intentional failure to surrender certificates as a failure to comply with the spirit of the law as it undermines the objectives of the scheme. Payment of the shortfall charge does not incentivise additional renewable source electricity generation, does not support the purpose of the Renewable Energy (Electricity) Act 2000, or contribute to the 2020 target.
We use a range of analytics and information to monitor the preparedness of electricity retailers to comply in the lead up to the legislative surrender deadline for large-scale generation certificates. This includes active communication and questioning of electricity retailers, with follow-up engagement where we believe they may intend not to acquit their liability by surrendering certificates.
We also have systems and partnerships in place to review the accuracy of information electricity retailers provide as part of meeting their liability requirements. This includes crosschecking data with the Australian Energy Market Operator and reviewing company disclosures to other regulators.
We impose penalty interest when shortfall charges are not paid on time and, if necessary, proceed with standard debt collection practices to recover unpaid amounts.
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The Clean Energy Regulator is a Government body responsible for accelerating carbon abatement for Australia.